Fintech businesses can fall within Australia’s anti-money laundering and counter-terrorism financing (AML/CTF) regime where they provide a designated service under Section 6 of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Cth) (‘AML/CTF Act’). Depending on the business model, this can include lending, payments,…
Introduction A fintech business does not need an Australian Financial Services Licence (AFSL) simply because it operates in financial technology. Whether an AFSL is required depends on what the business does, whether its products are financial products, and whether it provides…
A person who carries on a financial services business in Australia must hold an Australian financial services licence (AFSL) under Section 911A of the Corporations Act 2001 (Cth) (‘Corporations Act‘). Narrow statutory exemptions under subsection 911A(2) allow certain domestic companies,…
Introduction Foreign financial services providers (FFSPs) dealing with Australian clients face a core legal requirement: anyone carrying on a financial services business in Australia must hold an Australian financial services licence, unless an exemption applies. With existing transitional relief set…
Introduction For reporting entities, record keeping is a standalone anti-money laundering (AML) obligation rather than just an administrative exercise. Reporting entities must create and retain accurate records to demonstrate compliance with their duties and to support the supervisory and investigative…
Introduction Australia’s anti-money laundering and counter-terrorism financing (AML/CTF) regime for the digital asset sector expanded significantly with reforms that commenced in 2026. This expansion means a wider range of virtual asset services are now considered a designated service. VASPs that…
Introduction Australia’s anti-money laundering and counter-terrorism financing (AML/CTF) regime was significantly expanded through the Tranche 2 reforms. The reforms were enacted principally through the Anti-Money Laundering and Counter-Terrorism Financing Amendment Act 2024 (Cth) (AML/CTF Amendment Act), with the obligations applying to newly…
Introduction Bendigo and Adelaide Bank Limited has admitted breaching its obligations under the former Banking Executive Accountability Regime (BEAR) following a 2023 cyberattack involving its Alliance Bank business. On 10 August 2026, the Australian Prudential Regulation Authority (APRA) commenced civil…
Introduction On 21 July 2026, APRA granted Revolut Payments Australia Pty Ltd an unrestricted authorised deposit-taking institution licence under the Banking Act 1959 (Cth) (‘Banking Act‘), together with a non-operating holding company licence for Revolut Australia NOHC Pty Ltd. Operating…
Introduction For most responsible managers (RM), ongoing training feels like just another box to tick, but in 2026, it may serve as a shield against potential liability. The Australian Securities and Investments Commission (ASIC) expects an AFS licensee to comply…
